Lance Roman Armstrong of Columbia New Jersey a stockbroker formerly registered with Raymond James Financial Services has been issued an Order by New Jersey Bureau of Securities on September 17, 2020 in which Armstrong’s stockbroker registration in New Jersey has been revoked founded on allegations that he neglected to obtain authorization from Raymond James to raise capital for a company by soliciting customers or borrowing customer funds.
Armstrong has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he failed to cooperate with the regulator during its investigation into accusations of Armstrong’s outside business activities and solicitation of customer loans. Letter of Acceptance Waiver and Consent No. 2019061580601 (Nov. 12, 2019).
According to the AWC, the investigation into Armstrong’s activities comes as a result of Raymond James informing FINRA that Armstrong was discharged based upon allegations of him asking customers for money in reference to an outside business activity that was never disclosed to the securities broker dealer. FINRA told Armstrong to respond to those allegations by testifying on October 25, 2019. Armstrong’s counsel informed FINRA that Armstrong would not testify. The stockbroker’s refusal to cooperate with FINRA constituted the violation of FINRA Rules 2010 and 8210.
Armstrong was registered with Raymond James between April 20, 2007 and February 8, 2019.
